Max Stern ends up on Collins Street after being bumped by metro works

13/03/2019

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MARKET WRAP
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SALES

Richmond

Backpacker haunt Honiton Flats on busy Hoddle Street has sold for $2.3 million on a yield of 5.3 per cent. The two-level brick property is leased to Landing Pads on a five-year term with two five-year options until 2029. Rick Silberman, Raoul Holderhead and MingXuan LI from Burgess Rawson handled the sale.

Richmond

An owner-occupier has paid $1.255 million for a retail/showroom at 221 Swan Street. Teska Carson’s Tom Maule and Larry Takis negotiated the sale. Mr Takis said properties with development potential in Richmond were keenly sought after and continued to attract a strong field of buyers.

Sandringham

An investor has paid $815,000 on a 4.7 per cent yield for a strata shop at 1/36 Station Street as demand for strata investments continues to rise. Teska Carson’s George Takis and Luke Bisset said small investors were seeking well-located assets in strong retail precincts. The shop sold with a lease to Low Development Group returning $38,935 per annum.

Moorabbin

A small warehouse at 8/94-102 Keys Road has changed hands for $570,000 on a 4.2 per cent yield, Ray White Commercial Oakleigh’s Ryan Amler and Joshua Colosimo said. “There is still very strong demand for these types of investments from self managed super funds,” Mr Amler said.

Campbellfield

Any Steel Fabrication will relocate to an office warehouse at 67 Capital Link Drive after purchasing the site for $2.3million. The 2793sq m block has a two-storey office and high clearance warehouse currently occupied by Fleet Trades, with a lease until the end of November. CBRE’s Amanda Traficante, Oliver Gualano and Daniel Eramo negotiated the deal.

Sunshine

Across town, another similar roller door lock-up style warehouse at 16 Bolitho Street was sold by Leo Mancino of CVA for $460,000. The property was purchased by an owner occupier.

Ringwood East

Suburban development sites are attracting strong bids. A local developer has paid $2.35 million for 30 and 32 Grey Street, a 1677sq m site occupied by two family homes. Bridport Property Group won the second-round tender and plan to redevelop the site for childcare, Knight Frank’s Andrew Greenway and Tim Grant said.

Dandenong South

An owner occupier has purchased a brand new 1387sq m office warehouse at 61 Babbage Drive. The owner is relocating from Moorabbin. Knight Frank’s George Linn brokered the sale for $2.25 million.

Braeside

A large, near-new warehouse with offices at 16 Capital Court was sold by David Garfield of Nixon Industrial for $1.4 million. The 827sq m building had a container management area, three-phase power, automatic roller door, partitioned offices, and a kitchenette. “There aren’t many warehouses of this size and quality in the area,” Mr Garfield said.

Woodstock

A farm called Spring Hill at 1425 Donnybrook Road was sold by Peter Lineham from Rodwells Ruralco Property. Set up as a 40-unit cow and calf operation, it was subdivided into 12 paddocks with two hay sheds, a workshop, horse shelters and a good set of spacious cattle yards with a crush and loading race. It sold by private sale to a cash buyer from the city for $2.85 million, about $355,000 over the listed price.

LEASES

Melbourne

Stamp, coin and currency merchants Max Stern have signed a lease over 341sq m at 271 Collins Street after being displaced by the Metro Rail project works. Fitzroys’ Jordan Ceppi negotiated the deal over the separate 237sq m 8B and 104sq m 9D spaces within the building at $90,000 per annum net and $65,000 per annum net respectively, both on 4 x 4 x 4 year leases. The business – named after its founder, the late Max Stern AM – was previously located within the Port Phillip Arcade.

Laverton North

Office furniture manufacturer Cubespace has taken a 5+5 year lease at 107 William Angliss Drive, agreeing to annual rental of about $300,000. Cubespace chose the high clearance 4116sq m office warehouse because of its large 4000sq m yard and power supply, Knight Frank’s Joel Davy and Tony Tripodi said.

Richmond

Cayzer Commercial’s Matt Crowhurst and James Keep have leased a warehouse at 451 Swan Street for $48,000 per annum on a 4×4 year lease to building company LocBuild. In another deal, the pair leased 206 Bay Street in Port Melbourne, a shop opposite Coles, to a homewares and gifts business for $50,000 a year on a 3x5x5 term.

North Melbourne

An industrial showroom at 11 Boundary Road has leased within a month of being on the market, CVA’s Leo Mancino and Anthony Carbone said. The property was leased to an electrical company for use as a workshop/warehouse for $60,000 per annum on a 5+5+5 year term.

Preston

An industrial complex at 73 Gower Street is now fully let after the remaining 3300sq m was leased for a net rental around $75 per sq m. Star Development International took 1500sq m while Doria Bros Transport committed to a 1750 sq m warehouse, Knight Frank’s Daniel De Sanctis and Scott Braithwaite said.

North Melbourne

After 12 years in their current location, Pack and Send has taken a long-term lease at 112 Ireland Street. Allard Shelton’s Martin Huang and Simon Southey negotiated the deal at $43,000 per annum, a rate of $398sq m on a 5×5 year lease.

MOVERS

Stephen Speck has joined Vinci Carbone as an Associate Director – Sales and Leasing as part of the ongoing expansion of the Melbourne agency.

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